Russian oil supplies fell to their lowest level in a month - Bloomberg
Kyiv • UNN
Oil supplies from Russia fell to 3.23 million barrels per day. Moscow bypasses sanctions by delivering oil to India and China, reloading it from ship to ship.
Russian oil exports showed a decline for the second week in a row, with a decrease in supplies of the main Pacific grade affecting overall exports, Bloomberg reports, UNN writes.
Details
Crude oil supplies from all Russian ports in the four weeks to April 6 fell to 3.23 million barrels per day, the lowest level in a month and about 220,000 barrels per day below the recent peak. The second decline in weekly terms occurred despite another small increase in supplies for the week.
The fall occurred as the country's production target under the agreement with the OPEC group of producers began to rise for the first time in 2.5 years. An increase of 26,000 barrels per day in the country's OPEC+ production target this month, confirmed by the group of producers in March, will be fully offset by a similar increase in the amount of "compensation cuts" that Moscow has offered to make in April to compensate for past overproduction, the publication writes.
Despite the sanctions, as indicated, Moscow has found ways to circumvent them by delivering three batches of Varandey crude oil, intended for shipment in the Arctic, to India. And ESPO crude oil is now regularly transshipped from "blacklisted" vessels to other vessels near the Russian port of "Nakhodka", and it seems that they are all heading to Chinese ports, the publication writes. Transshipment from ship to ship allowed Moscow to maintain supplies of Sokol crude oil at about two batches per week, the publication indicates.
On average, in the four weeks to April 6, revenue decreased slightly to about $1.37 billion per week, about 1% lower than the revised figure for the period to March 30, the publication notes.
